question number 5 Question 5.Orange, Inc. is a corporation listed on the New York Stock Exchango (NYSE).Which of the following organizations, established by Congress, directly oversoo(s) audits ofOrange, Inc.'s financial roports?(A) The Securities and Exchange Commission (SEC)(B) The Public Company Accounting Oversight Board (PCAOB)(C) The American Institute of Certified Public Accountants (AICPA)(D) Choices (A) and (C).(E) None of the above, if Orange, Inc. chooses not to have its financial statements audited.Question 6.Which of the following is NOT an objective of the audit?(A) to enable the auditor to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement.(B) to enable the auditor to express an opinion on whether the financial statements arepresented fairly.(C) to permit the auditor to communicate and report the audit findings through the issuanceof an audit report to the entity.(D) to provide the auditor's professional opinion of the operations and the financial conditionof the entity being audited to the Securitios and Exchange Commission.Question 7.You are a senior associate at a large law firm, working in its Los Angeles office. For the past twoyears, you have led the team representing Frult, Inc. in its defense against a class actionlawsuit. Fruit, Inc.'s financial statements are currently being audited and the auditor plans tosend an inquiry letter regarding the litigation.Which of the following might the auditor's inquiry letter request your comment on?(A) None of the following because outside counsel will only recelve an auditor's inquiry letterif the letter was sent by mistake.(B) All of the following.(C) The progress of the case and a description of the claims.(D) The entity's strategy and intended course of action regarding the case.(E) The definitive likelihood that the outcome of the case will be unfavorable.

Hi student Since there are multiple questions, we will answer only first question.

Questlon 5. Orange, Inc. is a corporation listed on the New York Stock Exchange (NYSE). Which of the following organizations, established by Congross, directly oversoo(s) audits of Orange, Inc.'s financial reports? (A) The Securities and Exchange Commission (SEC) (B) The Public Company Accounting Oversight Board (PCAOB) (C) The American Institute of Certified Public Accountants (AICPA) (D) Choices (A) and (C). (E) None of the abovo, if Orange, Inc. chooses not to have its financial statements audited.

Questlon 5. Orange, Inc. is a corporation listed on the New York Stock Exchange (NYSE). Which of the following organizations, established by Congross, directly oversoo(s) audits of Orange, Inc.'s financial reports? (A) The Securities and Exchange Commission (SEC) (B) The Public Company Accounting Oversight Board (PCAOB) (C) The American Institute of Certified Public Accountants (AICPA) (D) Choices (A) and (C). (E) None of the abovo, if Orange, Inc. chooses not to have its financial statements audited.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter1: Accounting As A Form Of Communication

Section: Chapter Questions

Problem 1.13E

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